An Introduction to Market Research

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An Introduction to MR:

An Introduction to MR Topic 1

Agenda:

Agenda MR Industry – Overview Why MR? Why Important? MR – Easier or Tougher now? What Can you Research? MR Defined Steps in the MR process Summary

The MR Industry:

The MR Industry In India the MR industry is worth a few hundred crores, say Rs. 750 cr. Big players are ? Worldwide the industry is worth several billion dollars India is small fry but growing very fast Worldwide norm is 0.5-1.0 % of turnover In India, if 0.25% were spent, Indian MR would be worth Rs. 3000 crore! What does that tell you?

Why MR?:

Why MR? Why is MR important? Why should you learn MR? Why should companies invest in MR?

Why MR?:

Why MR? Why do men buy Barbie dolls while buying Van Heusen shirts?

Why MR?:

Why MR? Men spend a lot on the shirt End up being a little guilty Hence buy a Barbie doll for daughters! Hence, retailers place Barbie dolls near expensive shirts Without analysis of data, would such a thing be foretold or explained? What if they have young sons?!

Why MR?:

Why MR? Marketing management is all about making decisions relating to 4 Ps, STP and issues like market entry Essentially, all management revolves around decision making For any decision-making, information is vital MR provides managers this info Without this, managers will go by hunches Does this happen now? “In God we trust, for the rest we need data”

Why MR?:

Why MR? MR helps marketers stay close to the consumer There is a danger of losing touch with consumers At Great Lakes, we have just 260students, so getting feedback is not a problem P&G has a billion+ consumers worldwide Without MR, it would be impossible to keep in touch The stunning success of the Koreans here

Why MR?:

Why MR? Without MR, it is impossible to get certain insights which may be crucial Managers take better informed decisions For example, my research with a German pharma major Why did the Tatas go in for a cheap car and not a 3-wheeler?

Why MR?:

Why MR? They did some MR Asked people “why do you need a 4-wheeler?” Answer was “it will improve my marriage prospects” Thus, emotional reasons were key, not rational ones 3-wheeler was considered cheap

Why MR?:

Why MR? You have two career choices – MR vs. No MR companies In both, knowledge of MR will come in useful How? An MR career is very rewarding by the way Lot of variety Plus intellectual content quite high Also, consulting jobs involve quite a bit of MR Hence, useful for you all

Why MR?:

Why MR? Plus, at Great Lakes, special reason to learn MR This is the empirical study This course will help tremendously in the ES The tools and techniques The application of the above in the project will be a good “practice match” for the ES Hence, listen carefully Plus, instructor has unique insights thanks to great Profs teaching him and doing tons of research projects

MR – Easier or Tougher now?:

MR – Easier or Tougher now? Is MR easier to do now or harder? Why?

MR – Easier or Tougher now?:

MR – Easier or Tougher now? Certainly easier now Many consumers own cell phones, phones, cars, bikes, club memberships Meaning what? Also, companies nowadays no longer see MR as a waste of money First budget to be cut in a recession Now they see it as a necessary investment

MR – Easier or Tougher now?:

MR – Easier or Tougher now? Plus, now MR companies are dime a dozen Though quality is suspect sometimes Statistical software is now sophisticated and user-friendly e.g. SPSS Consumer literacy has shown dramatic increase in the last 15-20 years Net has come in as a major boon as a tool Keeps changing everyday almost

MR – Easier or Tougher?:

MR – Easier or Tougher? However, consumer apathy has grown Widespread disinterest and downright lying e.g. voter opinion polls Prannoy Roy in 1984 started them Oftentimes, time is a constraint HLL had how much time to react to P&G’s price cut? MR possible? Cavin Kare promos Also, small companies lack the resources as MR is expensive

What Can You Research:

What Can You Research What are some areas that you can do MR on?

What Can You Research:

What Can You Research Thus, almost everything is researchable, tactical and strategic Thus, it should be “What Can You Not Research?” MR is very important Else, the company/industry is in bad shape Like the film industry Vacuumiser, Contessa were big failures Korean giants do assiduous MR As does P&G, Lever’s Not chance that they are successful Neemazol is an excellent example of rural MR

MR Defined:

MR Defined So what then is MR? How can it be defined?

MR Defined:

MR Defined MR is the systematic and objective ID, collection, analysis, dissemination and use of info for marketing-related decision-making Note that it is “systematic” and “objective” It is thus different from Marketing Intelligence What is this?

MR Defined:

MR Defined MI is general, vague and usually done in-house, with focus on competition by and large Some authors use MI as part or MR But MR is always systematic and objective, or should be

Steps in the MR Process:

Steps in the MR Process Defining the problem Developing an approach to the problem Just builds off first step Research design The heart of the MR process Data Collection Data analysis Report Presentation Feedback and Continue

Steps in the MR Process:

Steps in the MR Process We are going to take a look in detail at research design, data collection and analysis How many of you know SPSS?

Summary:

Summary In sum, MR is very important Good MR should be the basis of your decisions mostly We shall take a look at some steps in detail

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